Chevron and Exxon Report Mixed Q4 Results with Divergent Trends in Production and Refining

Chevron outperformed revenue expectations but missed profit estimates, while Exxon posted higher-than-expected profits driven by record production levels.

Chevron's Q4 revenue reached $52.23 billion, significantly exceeding analyst estimates, but its adjusted earnings per share of $2.06 fell short of the $2.11 forecast.
Chevron's refining segment posted its first quarterly loss since 2020, driven by weak margins and declining U.S. fuel sales, while production remained steady at 3.35 million barrels of oil equivalent per day.
Exxon Mobil reported Q4 profits of $7.39 billion, or $1.67 per share, surpassing expectations of $1.56 per share despite lower refining margins and revenue of $83.43 billion, which missed forecasts.
Exxon achieved record production levels in the Permian Basin and Guyana, contributing to its strong performance, and highlighted plans to generate 60% of its output from these regions and LNG by 2030.
Both companies emphasized shareholder returns, with Exxon distributing $36 billion in 2024 through dividends and buybacks, and Chevron maintaining its $10 billion to $20 billion annual buyback program.